Edgestream Partners L.P. Has $2.25 Million Stock Position in The Goodyear Tire & Rubber Company $GT

Edgestream Partners L.P. grew its holdings in shares of The Goodyear Tire & Rubber Company (NASDAQ:GT) by 60.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 216,609 shares of the company’s stock after acquiring an additional 81,278 shares during the period. Edgestream Partners L.P.’s holdings in Goodyear Tire & Rubber were worth $2,246,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new stake in Goodyear Tire & Rubber in the second quarter valued at $29,112,000. Ensign Peak Advisors Inc grew its position in shares of Goodyear Tire & Rubber by 2,327.9% in the 2nd quarter. Ensign Peak Advisors Inc now owns 2,578,433 shares of the company’s stock valued at $26,738,000 after buying an additional 2,472,231 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Goodyear Tire & Rubber in the first quarter valued at about $20,422,000. CenterBook Partners LP acquired a new stake in shares of Goodyear Tire & Rubber in the first quarter valued at about $13,413,000. Finally, Brandywine Global Investment Management LLC bought a new position in shares of Goodyear Tire & Rubber during the second quarter worth about $12,921,000. Institutional investors own 84.19% of the company’s stock.

Goodyear Tire & Rubber Stock Down 3.4%

Shares of NASDAQ GT opened at $8.47 on Friday. The company has a quick ratio of 0.71, a current ratio of 1.27 and a debt-to-equity ratio of 2.29. The firm has a market cap of $2.42 billion, a PE ratio of -1.39, a P/E/G ratio of 1.79 and a beta of 1.18. The company’s fifty day simple moving average is $7.55 and its 200 day simple moving average is $9.13. The Goodyear Tire & Rubber Company has a 12-month low of $6.51 and a 12-month high of $12.03.

Goodyear Tire & Rubber (NASDAQ:GT) last announced its quarterly earnings data on Monday, November 3rd. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.12. The firm had revenue of $4.65 billion for the quarter, compared to analyst estimates of $4.67 billion. Goodyear Tire & Rubber had a negative net margin of 9.56% and a positive return on equity of 2.97%. The business’s quarterly revenue was down 3.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.37 earnings per share. As a group, sell-side analysts forecast that The Goodyear Tire & Rubber Company will post 1.5 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

GT has been the topic of several analyst reports. HSBC reiterated a “hold” rating and issued a $9.50 target price (down from $15.50) on shares of Goodyear Tire & Rubber in a report on Wednesday, August 20th. Hsbc Global Res lowered shares of Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 20th. Morgan Stanley lifted their target price on shares of Goodyear Tire & Rubber from $6.88 to $7.30 and gave the stock an “underweight” rating in a research note on Friday, November 28th. Citigroup cut their price target on shares of Goodyear Tire & Rubber from $10.00 to $9.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 11th. Finally, BNP Paribas downgraded Goodyear Tire & Rubber from a “strong-buy” rating to a “hold” rating in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $10.85.

Goodyear Tire & Rubber Company Profile

Goodyear Tire & Rubber Co engages in the development, manufacture, distribution, and sale of tires. It operates through the following geographical segments: Americas, Europe, Middle East, and Africa, and Asia Pacific. The Americas segment is involved in the development, manufacture, distribution, and sale of tires and related products and services in North, Central, and South America.